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The Impact of Globalization on Hong Kong’s Economic Development: Challenges and Opportunities

In: Proceedings of the International Workshop on Navigating the Digital Business Frontier for Sustainable Financial Innovation (ICDEBA 2024)

Author

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  • Jerry Xie

    (Shun Tak Fraternal Association Leung Kau Kui College)

Abstract

This paper examines the impact of globalization on the economic development of Hong Kong, focusing on the dual aspects of opportunities and challenges it presents. The research is set against the backdrop of Hong Kong’s transformation into a global financial hub, heavily influenced by its integration into the global economy. The study employs a case study approach to analyze how globalization has shaped Hong Kong’s economy, emphasizing its reliance on the service sector while neglecting other industries like manufacturing and agriculture. The findings reveal that while globalization has accelerated Hong Kong’s growth and established it as a financial center, it has also exacerbated issues such as income inequality, housing affordability, and economic instability due to overdependence on external factors. The paper concludes that for Hong Kong to maintain its economic development and remain competitive globally, it must diversify its economy, enhance government intervention in market regulation, and strengthen cooperation with mainland Chinese cities. These measures are essential to mitigate the adverse effects of globalization and ensure long-term economic stability.

Suggested Citation

  • Jerry Xie, 2025. "The Impact of Globalization on Hong Kong’s Economic Development: Challenges and Opportunities," Advances in Economics, Business and Management Research, in: Junfeng Lu (ed.), Proceedings of the International Workshop on Navigating the Digital Business Frontier for Sustainable Financial Innovation (ICDEBA 2024), pages 28-36, Springer.
    • Handle: RePEc:spr:advbcp:978-94-6463-652-9_4
    DOI: 10.2991/978-94-6463-652-9_4
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